The correct option is 2 only.
Explanation
The economy is classified into organised and unorganised sectors based on the nature of employment conditions. The organised sector covers enterprises or places of work where the terms of employment are regular, and employees have assured work. These entities are registered by the government and must follow rules and regulations enshrined in various laws such as the Factories Act, Minimum Wages Act, and Payment of Gratuity Act.
Statement-wise Analysis:
- Statement 1 is Incorrect. Workers in the organised sector are not required to work unlimited hours. They are expected to work for a fixed number of hours. If the work hours exceed the prescribed limit, the employer is legally mandated to provide additional compensation.
- Statement 2 is Correct. A defining characteristic of the organised sector is the provision for overtime payment. If workers are asked to work beyond the fixed schedule, the employer must pay them overtime wages as per statutory norms.
- Statement 3 is Incorrect. Employment in the organised sector is formal. Workers are issued a formal appointment letter stating the terms and conditions of work when they join. Verbal employment without documentation is a characteristic of the unorganised sector.
Key Takeaway:
The organised sector is characterized by job security, fixed working hours, paid overtime, formal appointment letters, and social security benefits (like provident fund and medical leaves), unlike the unorganised sector which lacks these protections.